S&P 500 Sectors STEG, LTEG, & PEGS&P 500 Sectors STEG, LTEG, & PEG (weekly) Yardeni Research, Inc....
17
S&P 500 Sectors STEG, LTEG, & PEG (weekly) Yardeni Research, Inc. February 3, 2021 Dr. Edward Yardeni 516-972-7683 [email protected] Joe Abbott 732-497-5306 [email protected] Please visit our sites at www.yardeni.com blog.yardeni.com thinking outside the box
Transcript of S&P 500 Sectors STEG, LTEG, & PEGS&P 500 Sectors STEG, LTEG, & PEG (weekly) Yardeni Research, Inc....
S&P 500 SectorsSTEG, LTEG, & PEG
(weekly)Yardeni Research, Inc.
February 3, 2021
Dr. Edward Yardeni516-972-7683
Joe Abbott732-497-5306
Please visit our sites atwww.yardeni.comblog.yardeni.com
thinking outside the box
Table Of Contents Table Of ContentsTable Of Contents
February 3, 2021 / S&P 500 Sectors STEG, LTEG, & PEG www.yardeni.com
Yardeni Research, Inc.
S&P 500 Sectors LTEG 3S&P 500 Sectors STEG 4S&P 500 Sectors PEG Ratio 5S&P 500 6Consumer Discretionary 7Consumer Staples 8Energy 9Financials 10Health Care 11Industrials 12Information Technology 13Materials 14Telecom Services 15Utilities 16
Figure 1.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22102030405060708090
1001/28CONSUMER DISCRETIONARY
(S&P 500 LTEG* by sector, percent)
(90.2)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 222
4
6
8
10
12
14
16
18
1/28
INDUSTRIALS
(21.2)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 224
6
8
10
12
1/28
CONSUMER STAPLES
(7.2)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2211
12
13
14
15
16
17
18
1/28
INFORMATION TECHNOLOGY
(14.6)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-20
-10
0
10
20
30
40
50
60
1/28
ENERGY
(4.2)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 226
10
14
18
22
26
30
1/28
MATERIALS
(10.6)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 220
5
10
15
20
1/28
FINANCIALS
(5.8)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 220
5
10
15
201/28COMMUNICATION SERVICES
(19.3)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 227
8
9
10
11
12
13
14
1/28
HEALTH CARE
(10.4)
* LTEG is five-year forward consensus expected earnings growth, Source: I/B/E/S data by Refinitiv.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 220
2
4
6
8
10
12
1/28
UTILITIES
(4.1)
yardeni.com
S&P 500 Sectors LTEG
Page 3 / February 3, 2021 / S&P 500 Sectors STEG, LTEG, & PEG www.yardeni.com
Yardeni Research, Inc.
Figure 2.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-20
-10
0
10
20
30
40
50
60
1/28
CONSUMER DISCRETIONARY(S&P 500 STEG* by sector, percent)
(35.0)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-20
0
20
40
60
80
100
1/28
INDUSTRIALS
(70.5)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 220
3
6
9
12
15
1/28
CONSUMER STAPLES
(6.5)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-10
0
10
20
30
1/28
INFORMATION TECHNOLOGY
(15.6)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-100
0
100
200
300
400
11/26
ENERGY
(NA)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-45-30-150153045607590
1/28
MATERIALS
(27.6)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-40
-20
0
20
40
60
80
1/28
FINANCIALS
(21.4)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-20
-10
0
10
20
30
1/28
COMMUNICATION SERVICES
(13.0)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 220
3
6
9
12
15
1/28
HEALTH CARE
(11.8)
* Analysts’ consensus expected short-term earnings growth rate over the next 52 weeks. Source: I/B/E/S data by Refinitiv.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-5
0
5
10
15
20
1/28
UTILITIES
(5.1)
yardeni.com
S&P 500 Sectors STEG
Page 4 / February 3, 2021 / S&P 500 Sectors STEG, LTEG, & PEG www.yardeni.com
Yardeni Research, Inc.
Figure 3.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22.0
.5
1.0
1.5
2.0
2.5
3.0
1/28
CONSUMER DISCRETIONARY
(0.4)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22.5
2.5
4.5
6.5
8.5
10.5
1/28
INDUSTRIALS
(1.1)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 221.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
1/28
CONSUMER STAPLES
(2.8)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22.5
1.0
1.5
2.0
2.5
1/28
INFORMATION TECHNOLOGY
(1.8)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22.0
.5
1.0
1.5
2.0
2.5
3.0
3.5
1/28ENERGY
(3.0)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22.5
1.0
1.5
2.0
2.5
3.0
1/28
MATERIALS(1.9)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 220
2
4
6
8
10
1/28
FINANCIALS
Includes Real Estatethrough September 2016
(2.3)
* Sector’s forward P/E divided by sector’s consensus projected 5-year earnings growth rate. Source: I/B/E/S data by Refinitiv.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22012345678
1/28
COMMUNICATION SERVICES
(1.2)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22.75
1.00
1.25
1.50
1.75
2.00
2.25
1/28
HEALTH CARE
(1.5)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 221
3
5
7
9
1/28
UTILITIES
(4.5)
yardeni.com
S&P 500 Sectors PEG Ratio
Page 5 / February 3, 2021 / S&P 500 Sectors STEG, LTEG, & PEG www.yardeni.com
Yardeni Research, Inc.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-10
-5
0
5
10
15
20
25
30
35
-10
-5
0
5
10
15
20
25
30
35
1/28
S&P 500 STRG, STEG, & LTEG*(percent)
LTEG (23.4)STEG (22.8)STRG (8.4)
* STEG is year-ahead forward consensus expected short-term earnings growth. STRG is year-ahead forward consensus expected short-termrevenue growth. LTEG is five-year consensus expected long-term earnings growth.Source: I/B/E/S data by Refinitiv.
Figure 4.
5
10
15
20
25
30
5
10
15
20
25
30
1/21
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22.5
1.0
1.5
2.0
2.5
.5
1.0
1.5
2.0
2.5
yardeni.com
* Price divided by 12-month forward consensus expected operating earnings per share.** Sector or industry forward P/E relative to S&P 500 forward P/E.
*** Sector or industry forward P/E relative to sector or industry consensus 5-year LTEG forecast.Source: I/B/E/S data by Refinitiv.
S&P 500 VALUATION
Forward P/E* (22.7)
PEG Ratio*** (1.0)
Figure 5.
S&P 500
Page 6 / February 3, 2021 / S&P 500 Sectors STEG, LTEG, & PEG www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-20
-10
0
10
20
30
40
50
60
-20
-10
0
10
20
30
40
50
60
1/28
yardeni.com
* STEG is year-ahead forward consensus expected short-term earnings growth. STRG is year-ahead forward consensus expected short-termrevenue growth. LTEG is five-year consensus expected long-term earnings growth.Monthly data through 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
S&P 500 CONSUMER DISCRETIONARY STRG, STEG, & LTEG(percent)
LTEG* (50.0)
STEG* (50.0)
STRG* (13.2)
STEG and LTEG capped at 50%
Figure 6.
10
15
20
25
30
35
40
45
10
15
20
25
30
35
40
45
1/28
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22.0
.5
1.0
1.5
2.0
2.5
3.0
.0
.5
1.0
1.5
2.0
2.5
3.0
1/28
yardeni.com
* Price divided by 12-month forward consensus expected operating earnings per share.** Sector or industry forward P/E relative to S&P 500 forward P/E.
*** Sector or industry forward P/E relative to sector or industry consensus 5-year LTEG forecast.Source: I/B/E/S data by Refinitiv.
S&P 500 CONSUMER DISCRETIONARY VALUATION
Forward P/E* (35.7)
Relative P/E** (1.6)
PEG Ratio*** (0.4)
Figure 7.
Consumer Discretionary
Page 7 / February 3, 2021 / S&P 500 Sectors STEG, LTEG, & PEG www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 220
5
10
15
20
0
5
10
15
20
1/28
yardeni.com
* STEG is year-ahead forward consensus expected short-term earnings growth. STRG is year-ahead forward consensus expected short-termrevenue growth. LTEG is five-year consensus expected long-term earnings growth.Monthly data through 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
S&P 500 CONSUMER STAPLES STRG, STEG, & LTEG(percent)
LTEG* (7.2)
STEG* (6.5)
STRG* (2.9)
Figure 8.
10
15
20
25
30
10
15
20
25
30
1/28
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 220
1
2
3
4
0
1
2
3
4
1/28
yardeni.com
* Price divided by 12-month forward consensus expected operating earnings per share.** Sector or industry forward P/E relative to S&P 500 forward P/E.
*** Sector or industry forward P/E relative to sector or industry consensus 5-year LTEG forecast.Source: I/B/E/S data by Refinitiv.
S&P 500 CONSUMER STAPLES VALUATION
Forward P/E* (19.9)
Relative P/E** (0.9)
PEG Ratio*** (2.8)
Figure 9.
Consumer Staples
Page 8 / February 3, 2021 / S&P 500 Sectors STEG, LTEG, & PEG www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-125
-100
-75
-50
-25
0
25
50
75
100
-125
-100
-75
-50
-25
0
25
50
75
100
11/26
yardeni.com
* STEG is year-ahead forward consensus expected short-term earnings growth. STRG is year-ahead forward consensus expected short-termrevenue growth. LTEG is five-year consensus expected long-term earnings growth.Monthly data through 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
S&P 500 ENERGY STRG, STEG, & LTEG(percent)
LTEG* (4.2)
STEG* (NA)
STRG* (19.3)
STEG capped at 80% and -100%
Figure 10.
0
10
20
30
40
50
60
0
10
20
30
40
50
60
1/28
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22.0
.5
1.0
1.5
2.0
2.5
3.0
3.5
.0
.5
1.0
1.5
2.0
2.5
3.0
3.5
1/28
yardeni.com
* Price divided by 12-month forward consensus expected operating earnings per share.** Sector or industry forward P/E relative to S&P 500 forward P/E.
*** Sector or industry forward P/E relative to sector or industry consensus 5-year LTEG forecast.Source: I/B/E/S data by Refinitiv.
S&P 500 ENERGY VALUATION
Forward P/E* (24.8)
Relative P/E** (1.1)
PEG Ratio*** (3.0)
P/E capped at 50.
Relative P/E capped at 3.0PEG capped at 3.0
Figure 11.
Energy
Page 9 / February 3, 2021 / S&P 500 Sectors STEG, LTEG, & PEG www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-20
-10
0
10
20
30
40
50
-20
-10
0
10
20
30
40
50
1/28
yardeni.com
* STEG is year-ahead forward consensus expected short-term earnings growth. STRG is year-ahead forward consensus expected short-termrevenue growth. LTEG is five-year consensus expected long-term earnings growth.Monthly data through 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
S&P 500 FINANCIALS STRG, STEG, & LTEG(percent)
LTEG* (5.8)
STEG* (21.4)
STRG* (2.8)
STEG capped at 35%
Figure 12.
5
10
15
20
5
10
15
20
1/28
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22.0
.5
1.0
1.5
2.0
2.5
3.0
3.5
.0
.5
1.0
1.5
2.0
2.5
3.0
3.5
1/28
yardeni.com
* Price divided by 12-month forward consensus expected operating earnings per share.** Sector or industry forward P/E relative to S&P 500 forward P/E.
*** Sector or industry forward P/E relative to sector or industry consensus 5-year LTEG forecast.Source: I/B/E/S data by Refinitiv.
S&P 500 FINANCIALS VALUATION
Forward P/E* (13.3)
Relative P/E** (0.6)
PEG Ratio*** (2.3)
Figure 13.
Financials
Page 10 / February 3, 2021 / S&P 500 Sectors STEG, LTEG, & PEG www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 220
5
10
15
20
0
5
10
15
20
1/28
yardeni.com
* STEG is year-ahead forward consensus expected short-term earnings growth. STRG is year-ahead forward consensus expected short-termrevenue growth. LTEG is five-year consensus expected long-term earnings growth.Monthly data through 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
S&P 500 HEALTH CARE STRG, STEG, & LTEG(percent)
LTEG* (10.4)
STEG* (11.8)
STRG* (7.2)
Figure 14.
5
10
15
20
25
30
35
5
10
15
20
25
30
35
1/28
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22.50
.75
1.00
1.25
1.50
1.75
2.00
.50
.75
1.00
1.25
1.50
1.75
2.00
1/28
yardeni.com
* Price divided by 12-month forward consensus expected operating earnings per share.** Sector or industry forward P/E relative to S&P 500 forward P/E.
*** Sector or industry forward P/E relative to sector or industry consensus 5-year LTEG forecast.Source: I/B/E/S data by Refinitiv.
S&P 500 HEALTH CARE VALUATION
Forward P/E* (16.1)
Relative P/E** (0.7)
PEG Ratio*** (1.5)
Figure 15.
Health Care
Page 11 / February 3, 2021 / S&P 500 Sectors STEG, LTEG, & PEG www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-30
-20
-10
0
10
20
30
40
50
60
70
80
90
-30
-20
-10
0
10
20
30
40
50
60
70
80
90
1/28
yardeni.com
* STEG is year-ahead forward consensus expected short-term earnings growth. STRG is year-ahead forward consensus expected short-termrevenue growth. LTEG is five-year consensus expected long-term earnings growth.Monthly data through 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
S&P 500 INDUSTRIALS STRG, STEG, & LTEG(percent)
LTEG* (21.2)STEG* (70.5)STRG* (10.2)
Figure 16.
5
10
15
20
25
5
10
15
20
251/28
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 220
1
2
3
4
5
6
7
8
9
10
0
1
2
3
4
5
6
7
8
9
10
1/28yardeni.com
* Price divided by 12-month forward consensus expected operating earnings per share.** Sector or industry forward P/E relative to S&P 500 forward P/E.
*** Sector or industry forward P/E relative to sector or industry consensus 5-year LTEG forecast.Source: I/B/E/S data by Refinitiv.
S&P 500 INDUSTRIALS VALUATION
Forward P/E* (23.6)
Relative P/E** (1.1)PEG Ratio*** (1.1)
Figure 17.
Industrials
Page 12 / February 3, 2021 / S&P 500 Sectors STEG, LTEG, & PEG www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-10
0
10
20
30
40
50
60
-10
0
10
20
30
40
50
60
1/28
yardeni.com
* STEG is year-ahead forward consensus expected short-term earnings growth. STRG is year-ahead forward consensus expected short-termrevenue growth. LTEG is five-year consensus expected long-term earnings growth.Monthly data through 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
S&P 500 INFORMATION TECHNOLOGY STRG, STEG, & LTEG*(percent)
LTEG (14.6)STEG (15.6)STRG (9.5)
Figure 18.
0
10
20
30
40
50
60
0
10
20
30
40
50
60
1/28
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22.5
1.0
1.5
2.0
2.5
3.0
.5
1.0
1.5
2.0
2.5
3.0
1/28
yardeni.com
* Price divided by 12-month forward consensus expected operating earnings per share.** Sector or industry forward P/E relative to S&P 500 forward P/E.
*** Sector or industry forward P/E relative to sector or industry consensus 5-year LTEG forecast.Source: I/B/E/S data by Refinitiv.
S&P 500 INFORMATION TECHNOLOGY VALUATION
Forward P/E* (26.7)
Relative P/E** (1.2)PEG Ratio*** (1.8)
Figure 19.
Information Technology
Page 13 / February 3, 2021 / S&P 500 Sectors STEG, LTEG, & PEG www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-50
-40
-30
-20
-10
0
10
20
30
40
50
60
-50
-40
-30
-20
-10
0
10
20
30
40
50
60
1/28
yardeni.com
* STEG is year-ahead forward consensus expected short-term earnings growth. STRG is year-ahead forward consensus expected short-termrevenue growth. LTEG is five-year consensus expected long-term earnings growth.Monthly data through 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
S&P 500 MATERIALS STRG, STEG, & LTEG(percent)
LTEG* (10.6)STEG* (27.6)STRG* (7.3)
STEG capped at 50%
Figure 20.
5
10
15
20
25
30
5
10
15
20
25
30
1/28
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22.0
.5
1.0
1.5
2.0
2.5
3.0
.0
.5
1.0
1.5
2.0
2.5
3.0
1/28
yardeni.com
* Price divided by 12-month forward consensus expected operating earnings per share.** Sector or industry forward P/E relative to S&P 500 forward P/E.
*** Sector or industry forward P/E relative to sector or industry consensus 5-year LTEG forecast.Source: I/B/E/S data by Refinitiv.
S&P 500 MATERIALS VALUATION
Forward P/E* (20.1)
Relative P/E** (0.9)
PEG Ratio*** (1.9)
Figure 21.
Materials
Page 14 / February 3, 2021 / S&P 500 Sectors STEG, LTEG, & PEG www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-20
-15
-10
-5
0
5
10
15
20
25
30
-20
-15
-10
-5
0
5
10
15
20
25
30
1/28
yardeni.com
* STEG is year-ahead forward consensus expected short-term earnings growth. STRG is year-ahead forward consensus expected short-termrevenue growth. LTEG is five-year consensus expected long-term earnings growth.Monthly data through 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
S&P 500 COMMUNICATIONS SERVICES STRG, STEG, & LTEG(percent)
LTEG* (19.3)
STEG* (13.0)
STRG* (10.4)
Figure 22.
5
10
15
20
25
30
35
5
10
15
20
25
30
35
1/28
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 220
1
2
3
4
5
6
7
8
0
1
2
3
4
5
6
7
8
1/28yardeni.com
* Price divided by 12-month forward consensus expected operating earnings per share.** Sector or industry forward P/E relative to S&P 500 forward P/E.
*** Sector or industry forward P/E relative to sector or industry consensus 5-year LTEG forecast.Source: I/B/E/S data by Refinitiv.
S&P 500 COMMUNICATION SERVICES VALUATION
Forward P/E* (22.6)
Relative P/E** (1.0)
PEG Ratio*** (1.2)
Figure 23.
Telecom Services
Page 15 / February 3, 2021 / S&P 500 Sectors STEG, LTEG, & PEG www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-10
-5
0
5
10
15
20
-10
-5
0
5
10
15
20
1/28
yardeni.com
* STEG is year-ahead forward consensus expected short-term earnings growth. STRG is year-ahead forward consensus expected short-termrevenue growth. LTEG is five-year consensus expected long-term earnings growth.Monthly data through 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
S&P 500 UTILITIES STRG, STEG, & LTEG(percent)
LTEG* (4.1)
STEG* (5.1)
STRG* (4.3)
Figure 24.
6
10
14
18
22
6
10
14
18
22
1/28
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 220
1
2
3
4
5
0
1
2
3
4
5
1/28
yardeni.com
* Price divided by 12-month forward consensus expected operating earnings per share.** Sector or industry forward P/E relative to S&P 500 forward P/E.
*** Sector or industry forward P/E relative to sector or industry consensus 5-year LTEG forecast.Source: I/B/E/S data by Refinitiv.
S&P 500 UTILITIES VALUATION
Forward P/E* (18.4)
Relative P/E** (0.8)
PEG Ratio*** (4.0)
Figure 25.
Utilities
Page 16 / February 3, 2021 / S&P 500 Sectors STEG, LTEG, & PEG www.yardeni.com
Yardeni Research, Inc.
http://blog.yardeni.com
http://blog.yardeni.com
Copyright (c) Yardeni Research, Inc. 2021. All rights reserved. The informationcontained herein has been obtained from sources believed to be reliable, but is notnecessarily complete and its accuracy cannot be guaranteed. No representation orwarranty, express or implied, is made as to the fairness, accuracy, completeness, orcorrectness of the information and opinions contained herein. The views and the otherinformation provided are subject to change without notice. All reports and podcasts posted onwww.yardeni.com, blog.yardeni.com, and YRI’s Apps are issuedwithout regard to the specific investment objectives, financial situation, or particular needsof any specific recipient and are not to be construed as a solicitation or an offer to buy or sellany securities or related financial instruments. Past performance is not necessarily a guideto future results. Company fundamentals and earnings may be mentioned occasionally, butshould not be construed as a recommendation to buy, sell, or hold the company’s stock.Predictions, forecasts, and estimates for any and all markets should not be construed asrecommendations to buy, sell, or hold any security--including mutual funds, futurescontracts, and exchange traded funds, or any similar instruments.
The text, images, and other materials contained or displayed on any Yardeni Research, Inc.product, service, report, email or website are proprietary to Yardeni Research, Inc. andconstitute valuable intellectual property. No material from any part of www.yardeni.com, blog.yardeni.com, and YRI’s Apps may be downloaded, transmitted,broadcast, transferred, assigned, reproduced or in any other way used or otherwisedisseminated in any form to any person or entity, without the explicit written consent ofYardeni Research, Inc. All unauthorized reproduction or other use of material from YardeniResearch, Inc. shall be deemed willful infringement(s) of this copyright and other proprietaryand intellectual property rights, including but not limited to, rights of privacy. YardeniResearch, Inc. expressly reserves all rights in connection with its intellectual property,including without limitation the right to block the transfer of its products and services and/orto track usage thereof, through electronic tracking technology, and all other lawful means,now known or hereafter devised. Yardeni Research, Inc. reserves the right, without furthernotice, to pursue to the fullest extent allowed by the law any and all criminal and civilremedies for the violation of its rights.
The recipient should check any email and any attachments for the presence of viruses.Yardeni Research, Inc. accepts no liability for any damage caused by any virus transmittedby this company’s emails, website, blog and Apps. Additional information available onrequest.
